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Calculate the amount of service revenue earned at december

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Reference no: EM133123541

Question - On October 25, ACME Corporation received $1,250 cash in advance from various customers for services starting in November. At December 31, $700 of those services had not yet been provided. ACME Corporation has a December 31 year-end and adjusted its accounts annually.

Required -

a. Calculate the amount of service revenue earned at December 31.

b. Prepare the adjusting journal entry required at December 31.

Reference no: EM133123541

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